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WisdomTree Trust WidsomTree Middle East Reports Operating Results (10-Q)

May 11, 2010 | About:
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10qk

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WisdomTree Trust WidsomTree Middle East (GULF) filed Quarterly Report for the period ended 2010-03-31.

Wisdomtree Trust Widsomtree Middle East has a market cap of $2.5 million; its shares were traded at around $15.51 .

Highlight of Business Operations:

Natural gas, crude oil and natural gas liquids prices are reported net of the realized effect of our hedging agreements. We realized gains of $0.4 million on our crude oil hedges and $3.6 million on our natural gas hedges in the first quarter 2010, compared to realized gains of $3.6 million for crude oil hedges and $6.0 million for natural gas hedges in the first quarter 2009.

Depreciation, Depletion and Amortization (“DD&A”). DD&A expense for the first quarter 2010 was $10.4 million compared to $13.9 million for the first quarter 2009, a decrease primarily due to lower production and the sale of the Southwest Louisiana properties in December 2009.

General and Administrative (“G&A”) Expenses. Total G&A expenses were $4.9 million for the first quarter 2010 compared to $5.2 million for the first quarter 2009. Included in G&A expense is a non-cash stock expense of $0.5 million ($0.18 per Mcfe) and $1.0 million ($0.22 per Mcfe) for the first quarters 2010 and 2009, respectively, which is the primary reason for the overall decrease.

Income Taxes. Our net income before taxes was $0.6 million for the first quarter 2010, compared to $7.9 million in the first quarter 2009. After adjusting for permanent tax differences, we recorded income tax expense of $0.3 million for the first quarter 2010, compared to $2.9 million for the first quarter 2009.

Dividends on Preferred Stock. Dividends on preferred stock were zero for the first quarter 2010, compared with $1.1 million in the first quarter 2009. All of the Series G and Series H Preferred Stock, including accrued dividends, were converted to Common Stock in December 2009 in conjunction with our Common Stock offering. Dividends in the first quarter 2009 included approximately $1.1 million on the Series G Preferred Stock and $4,375 on the Series H Preferred Stock.

Our working capital deficit was $6.9 million as of March 31, 2010, compared to a working capital deficit of $8.8 million as of December 31, 2009. The following table provides the components and changes in working capital as of March 31, 2010 and December 31, 2009.

Read the The complete Report

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